Hilong (HKG:1623) said holders representing 96.28% of its previously issued 9.75% senior secured notes consented to a proposed restructuring, according to a Hong Kong bourse filing Tuesday.

Shares of the company were up over 6% in morning trade Wednesday.

Under the restructuring, the company will pay $1 per $1,000 principal to consenting holders plus an overall payment of $49.7 million to all holders on a pro rata basis.

Furthermore, the principal on the bonds will be restructured to $317.4 million, representing the original principal plus accrued but unpaid interest.

The maturity on the debt will be extended to Feb. 5, 2030, the firm said.